Daily News: May 18, 2012

General Maritime Exits Chapter 11, Gets Oaktree Capital Infusion


General Maritime announced that it has successfully completed its financial restructuring and has emerged from Chapter 11 bankruptcy.

Through the restructuring process, General Maritime substantially deleveraged its balance sheet, positioning the reorganized company to be a financially stronger global enterprise. General Maritime successfully reduced its outstanding debt by approximately $600 million and its cash interest expense by approximately $42 million annually.

In addition, the company said it received a new capital infusion of $175 million from investment entities affiliated with Oaktree Capital Management.

Kramer Levin Naftalis & Frankel is serving as the company’s legal advisor, and Moelis & Company is serving as the company’s financial advisor.

New York, NY-based General Maritime is a crude oil and products tanker company operating principally within the Atlantic basin and in other regions including the Black Sea and Far East.